In recent years the market for new office buildings in Hungary may have proved to be unsustainable, but there is still some life left in it - at least for so-called "sustainable" buildings. In what must be the biggest such deal so far in 2010, German financial giant Allianz bought local developer Wing Zrt's newest project, the "green" office complex known as k3.

According to napi.hu, the 17,400 sqm building, which is located on Könyves Kálmán körút on the way to the airport, will be handed over in May. Allianz is expected to move in at the beginning of summer, merging its office operating at various locations into a new company HQ.

The transaction price was not revealed, but Wing said the yield was under 7.5%.